2 weeks Ago By [email protected] (MENAFN)
( MENAFN - Trend News Agency) BAKU, Azerbaijan, November 12. The EuropeanBank for Reconstruction and Development (EBRD) is working with 18countries to develop a renewable energy auction system, EBRDPresident Odile Renaud-Basso said at a ministerial dialogue themed"Scaling up investment for Tripling Renewables and Doubling EnergyEfficiency" within COP29 in Baku today, Trend reports. "The role and support of multilateral development banks that wecan provide go beyond just financing and are also related topolitical support.
We help countries develop a regulatory frameworkthat attracts private investments. The EBRD is working with manycountries on developing renewable energy auction systems to achievebetter electricity prices. Currently, we are supporting 18 countries under this program,and we have projects planned for five gigawatts, including auctionsin Azerbaijan, Bulgaria, Moldova, Montenegro, and Romania.
We havealready developed similar frameworks with Albania, Egypt,Kazakhstan, Serbia, and Uzbekistan," she added. To note, the 29th session of the Conference of the Parties tothe UN Framework Convention on Climate Change (COP29), which willrun until November 22, opened on November 11 at the Baku OlympicStadium. The event is the largest organized by Azerbaijan to date and isthe first time the region has hosted the event in Azerbaijan.
Within COP29, the highest-level event - the summit of world leaderson climate action - will be held on November 12–13. The main expectation from COP29 is to agree on a fair andambitious New Collective Quantitative Goal (NCQG) on climatefinance. The COP29 chairmanship has launched 14 initiatives thatinclude linkages between climate action and the SustainableDevelopment Goals, including green energy corridors, green energystorage, harmony for climate resilience, clean hydrogen, methanereduction in organic waste, action on green digital technologies,and other topics.
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